Oshiomhole: Emefiele’s Naira Redesign Helped Peter Obi Defeat Tinubu in Lagos During 2023 Election

Senator Adams Oshiomhole has claimed that the controversial naira redesign policy introduced by former Central Bank of Nigeria (CBN) Governor Godwin Emefiele played a major role in Peter Obi’s victory over President Bola Tinubu in Lagos during the 2023 presidential election.

The lawmaker representing Edo North Senatorial District made the remarks on Monday during an interview on TVC, arguing that the cash crunch triggered by the policy created widespread public anger that worked against the ruling All Progressives Congress (APC).

Oshiomhole described the naira redesign as a “crazy” move, alleging that Emefiele attempted to destabilize the system after failing in his presidential ambition. According to him, the resulting economic hardship fueled protest votes in several parts of the country, particularly in Lagos.

“I have said this but many people may not agree. Obi was produced by an unusual situation. When a ruling party decided to destroy itself as to make anybody running election on its platform unelectable. It is that confusion that brought those votes to Peter Obi,” he said.

The former Edo State governor recalled the cash scarcity that followed the redesign of the naira, noting that many Nigerians were unable to access money despite having funds in their bank accounts.

He said long queues at Automated Teller Machines (ATMs), the scarcity of cash, and the growing reliance on Point-of-Sale (POS) operators deepened public frustration in the weeks leading up to the election.

Oshiomhole also referenced fuel shortages during the same period, arguing that voters who struggled to access both cash and petrol were unlikely to support the party in power on election day.

“It is this anger that, in my view, deliberately created by the president before Tinubu that made people vote against the APC in Lagos, making Peter Obi defeat President Tinubu,” he added.

Peter Obi, who contested the 2023 presidential election on the Labour Party platform, defeated Tinubu in Lagos State, although Tinubu went on to win the election nationwide and was declared president by the Independent National Electoral Commission (INEC).